For Sale by Owner: Is Selling Your Own Home the Best Option?
The majority of us like saving money and put in a conscious effort to do so when we can. So, most people aren’t thrilled when they realize that they need to pay a real estate agent to sell their home. As a consequence of this, a lot of home sellers are looking to go the For Sale by Owner (FSBO) route. To help you understand what this means, we decided to address the debate of FSBO versus realtor to help you decide what is right for you.
Why Would You Rather Partner with a Realtor Rather than Sell Your Own Home?
When it comes down to it, one of the biggest disadvantages of FSBO is the fact that all of the work officially falls on you. While a realtor would be the one leading the charge and making sure that your home is seen by the right people, choosing to go the FSBO route means that you will be responsible for every part of the sale. Most people don’t realize just how much work this actually is.
Realtors aren’t just handy because they shoulder the bulk of the work. A good real estate agent is not just the person who will sell your home. They are also people with expansive knowledge.
The knowledge that an experienced realtor has is absolutely invaluable. They will know how to prepare your home for an inspection, how to make it look nice for showings, and how to find potential buyers. Without their help, you will end up wondering why no one is interested in your beautiful home. A lot of the cons of FSBO all come down to the knowledge (or lack thereof) that you have.
The Advantages and Disadvantages of Selling a House for Sale by Owner
Though it might seem like there are a long list of disadvantages of FSBO, it isn’t all bad. People like to consider selling FSBO because it allows them to save on the cost of commission and fees. Since there isn’t a real estate agent involved, you won’t need to pay one. It also means that you get to decide who you sell to and how it all plays out, which can be advantageous.
Unfortunately, there are a lot of cons to FSBO. Real estate agents know the secrets to pricing, presentation, and negotiations. Without that knowledge, you are at an automatic disadvantage. Chances are that you will struggle to find a good price because it isn’t something that would be considered a part of your job. Pairing this with the bias that we all carry regarding our own homes, you are at risk of taking a long time to sell your home for the right price. It makes it much easier to get taken advantage of.
What are the Best Reasons to Hire a Good Real Estate Agent?
Being a real estate agent is a job, and like most jobs, there are people who are good and bad at it. The good news is that the real estate world is highly competitive, and it is fairly easy to see who performs well. Finding a good real estate agent can make all the difference for a few key reasons.
On average, a good real estate agent will help you to save money and make money. They will know how to price appropriately. More importantly, they will know what points to offer during negotiations. Their strategy can make a huge difference in how much money you end up making.
While pricing is important, vision can be more important. A good real estate agent will almost always have a sharp commitment to the details of your home. Your home will not just be another home that they are selling. They will take the time to look around and find out what makes your house special. Being able to do this with a clear lack of bias is incredibly important, and it will help them to make sure you get the best possible offer. When it comes down to it, having someone who knows buyers and the industry can drastically improve what your home goes for.
What Are Some Tips for Selling Your Home “For Sale By Owner”?
Maybe you still want to sell your home FSBO—that’s fine. In order to do this effectively, you need the right approach to be successful. Unfortunately, a lot of people actually lose money while trying to save with this approach, so you must know how to navigate certain pitfalls.
A big part of selling your home successfully will fall on presentation. Since you don’t have a representative in the real estate community, you need to show that you still mean business. The best way to go about this is to prepare your home just like a real estate agent would. Remove the personal touches and turn your home into a model home.
To be truly successful, you will need to put a big emphasis on marketing. If no one knows your house is for sale, you probably won’t get any offers on it. Building a marketing strategy can help to make sure that the right people see your home. Post clear and high-quality images, walkthrough videos, and well-structured written content. You will likely benefit from promoting ads or joining local groups on social media to ensure that your home is seen.
There is not a rule that says that you can’t sell your home FSBO. For some people, it might even be the right choice. However, it is important to remember that working with a realtor to sell your home is almost always the best option to sell your home quickly and correctly. Cutting costs on a realtor to save money will not benefit you if you end up selling your home for less than it is worth, so reach out to a local expert to see how they can benefit you. Real estate agents are a friendly bunch, so don’t hesitate to reach out to them with questions!